Kenneth Rijock

Kenneth Rijock

Thursday, March 26, 2015

TREASURY FINES PAY PAL $7.7m FOR LACK OF REAL-TIME PROGRAM TO SCAN CLIENTS


Ii is not just the big transactions that result in OFAC civil penalties for sanctions violations. Pay Pal Inc., the electronic payments processing firm, had a program, for four years, that did not deliver results on scanned payments on a real-time basis, allowing sanctions violations in payments to & from Iran, Cuba, and Sudan.  The system was therefore inadequate to block payments. One notorious SDN was specifically identified.

The fine: $7.7m . Any computer program designed catch OFAC-blacklisted individuals and entities must feature instant readouts on the results. What was the company trying to do, save money on the software ? Pay Pal, which provides a valuable service for clients who do not wish a vendor to know their personal financial data, needs to upgrade their compliance to banking best practices, as many NBFIs now do.

2 comments:

  1. Please permit me to use this medium to assist those in need of financial help.
    I want to recommend a reliable lender called Lee Cook who lent me 50k without stress. He's the CEO of OASIS FINANCIAL CONSULTANTS. If not for him my son would've died of meningitis few years ago. After sometime i was able to payback the $50k loan and reapplied for 300k loan of which i was granted. Today I make up to USD10,000 in a month by going into a private business. Someone was good to me by sharing their email link with me, so now i am hoping i could help someone else out there by sharing it.
    If you're in need of any loan and rest assured you can pay back; you can reach them at: (oasisconsultant at consultant dot com) or (contact at theoasisconsultants dot com)
    Try it and you could share it with someone in financial need also!

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  2. I am Erman lee i was in need of a loan of S$10 000 and was scammed by those fraudulent lenders and a friend introduce me to Mr Akim Lim,and he lend me the loan without any stress,you can contact him at akimlim_loanfirm19@yahoo.com

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